No exemption shall be granted:
A. If the income of the owner or the combined income
of the owners of the property exceeds the sum of $37,399 for the income
tax year immediately preceding the date of making application for
exemption.
[Amended 10-22-1990 by L.L. No. 5-1990; 8-28-1995 by L.L. No. 2-1995; 11-29-2022 by L.L. No. 3-2022]
(1) Percentage of exemption to be calculated as provided
in the following schedule:
|
Annual Income
|
Percentage of Assessed
Valuation Exempt from Taxation
|
---|
|
Up to $29,000
|
50%
|
|
Over $29,000 but less than $30,000
|
45%
|
|
Over $30,000 but less than $31,000
|
40%
|
|
Over $31,000 but less than $32,000
|
35%
|
|
Over $32,000 but less than $32,900
|
30%
|
|
Over $32,900 but less than $33,800
|
25%
|
|
Over $33,800 but less than $34,700
|
20%
|
|
Over $34,700 but less than $35,600
|
15%
|
|
Over $35,600 but less than $36,500
|
10%
|
|
Over $36,500 but less than $37,399
|
5%
|
(2) "Income tax year" shall mean the twelve-month period
for which the owner or owners filed a federal personal income tax
return, or if no such return was filed, the calendar year. Where title
is vested in either the husband or wife, their combined income may
not exceed such sum. Such income shall include social security and
retirement benefits, interest dividends, total gain from sale or exchange
of a capital asset, which may be offset by a loss from the sale or
exchange of a capital asset in the same income tax year, net rental
income, salary or earnings, and net income from self-employment, but
shall not include a return of capital, gifts or inheritances. in computing
the net rental income and net self employment income, no depreciation
deduction shall be allowed for the exhaustion, wear and tear, of real
or personal property held for the production of income. For the purposes
of this article, income shall not include veterans disability compensation,
as defined in Title 38 of the United States Code.
[Amended 11-23-1998 by L.L. No. 7-1998]
B. Unless the title of the property shall have been vested
in the owner or all of the owners of the property for at least 24
consecutive months prior to the date of making application for exemption,
provided, however, that in the event of the death of either a husband
or wife in whose name title of the property shall have been vested
at the time of death and then becomes vested solely in the survivor
by virtue of devise by or descent from the deceased husband or wife,
the time of ownership of the property by the deceased husband or wife
shall be deemed also a time of ownership by the survivor and such
ownership shall be deemed continuous for the purposes of computing
such period of 24 consecutive months provided further, that in the
event of a transfer by either a husband or wife to the other spouse
of all or part of the title to the property the time of ownership
of the property by the transferor spouse shall be deemed also a time
of ownership by the transferee spouse and such ownership shall be
deemed continuous for the purposes of computing such period of 24
consecutive months and provided further that where property of the
owner or owners has been acquired to replace property formerly owned
by such owner or owners and taken by eminent domain or other involuntary
proceeding, except a tax sale, and further provided that where a residence
is sold and replaced with another within one year and is in the same
assessment unit, the period of ownership of the former property shall
be combined with the period of ownership of the property for which
application is made for exemption and such periods of ownership shall
be deemed to be consecutive for purposes of this section. Notwithstanding
any other provision of law, where a residence is sold and replaced
with another within one year and both residences are within the state,
the period of ownership of both properties shall be deemed consecutive
for purposes of the exemption from taxation as provided in this article.
C. Unless the property is used exclusively for residential
purposes.
D. Unless the property is the legal residence of and
is occupied in whole or in part by the owner or by all of the owners
of the property.
The Village shall notify, or cause to be notified,
each person owning residential real property in the Village of the
provisions of this article. The provisions of this section may be
met by a notice or legend sent on or with each tax bill to such persons
reading "You may be eligible for senior citizen tax exemptions. For
information please call or write . . ., " followed by the name, telephone
number and/or address of the person or department selected by the
Village to explain the provisions of this article. Failure to notify,
or cause to notify, any person who is, in fact, eligible to receive
the exemption provided by this article or the failure of such person
to receive the same shall not prevent the levy, collection and enforcement
of the payment of the taxes on property owned by such person.
[Amended 8-11-2008 by L.L. No. 4-2008]
Application for such exemption must be made
by the owner, or all of the owners of the property, on forms prescribed
by the State Board of Equalization and Assessment to be furnished
by the Towns' Assessors and shall be filed in the Assessor's office
on or before the taxable status date of the Town.
At least 60 days prior to the appropriate taxable
status date, the Assessors shall mail to each person who was granted
exemption pursuant to this article the latest completed assessment
roll an application form and a notice that such application must be
filed on or before the taxable status date and be approved in order
for the exemption to be granted. The assessing authority shall, within
three days of the completion and filing of the tentative assessment
roll, notify by mail any applicant who has included with his or her
other application at least one self-addressed prepaid envelope, of
the approval or denial of the application; provided, however, that
the assessing authority shall, upon the receipt and filing of the
application, send by mail notification of receipt to any applicant
who has included two of such envelopes with the application. Where
an applicant is entitled to a notice of denial pursuant to this subdivision,
such notice shall be on a form prescribed by the State Board of Equalization
and Assessment and shall state the reasons for such denial and shall
further state that the applicant may have such determination reviewed
in the manner provided by law. Failure to mail any such application
form and notice or the failure of such person to receive the same
shall not prevent the levy, collection and enforcement of the payment
of the taxes on property owned by such person.
Any conviction of having made any willful false
statement in the application for such exemption, shall be punishable
by a fine of not more than $100 and shall disqualify the applicant
or applicants from further exemption for a period of five years.